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Bloomberg News reports that according to the Government Employees Pension Fund (GEPF), it might take as long as a year to negotiate a new mandate with the Public Investment Corporation that would allow it to enter into new unlisted investment deals.
The PIC oversees a R70 billion unlisted investment fund for the GEPF, but its mandate lapsed in March, Musa Mabesa, the GEPF’s principal chief executive, advised. While deals initiated before it ended can be completed, new ones can’t be concluded, he indicated. The mandate lapsed following a government inquiry into governance shortcomings and alleged corruption at the PIC. The GEPF was now negotiating a new agreement with more stringent requirements over "consequence management", among other things, Mabesa said on Thursday. "At the moment there are no new investments. We are finding each other,” Mabesa explained. The GEPF has more than R1.61 trillion in funds, with most of those managed by the PIC. The biggest asset class invested in is listed equities. The GEPF also said that the amount of its money it can invest outside SA has been increased to 15% from 10%.
- Read the full original of the report in the above regard by Antony Sguazzin at Fin24
- Read too, The GEPF can now invest 15% of its assets offshore, but there's no rush, at Fin24
Get other news reports at the SA Labour News home page